Six companies have received investment from a new angel investor network in the past 12 months, with a number of additional funding rounds due to complete in the next few weeks, according to the group’s organiser Clarendon Fund Managers.
The Clarendon Private Investor Network (CPIN) marked a successful first year since first bringing active angel investors together to consider investment opportunities in pre-screened early-stage companies, by calling for more private investors to join the network.
At present the network has around 50 members and holds an event on average every quarter to hear pitches from a select number of credible companies who have been vetted by the team at Clarendon Fund Managers.
To date, over £700,000 has been invested in Northern Ireland-based businesses through CPIN, including clean tech company Lumenstream, which specialises in energy efficient and sustainable lighting and Viper Clip, the innovative cable stapling solution for electricians. Angel investments from the network into these businesses have ranged from £50,000 to £200,000.
Claudine Owens from Clarendon Fund Managers said: “We have been really encouraged by the success of CPIN over the past year and we’re proud to have been able to source such a high number of investible companies to present their opportunities to our investors. The network includes angels of varying degrees of investment experience, giving new members the chance to get involved in deals alongside others with similar interests.
“We’d like to expand the network and hear from more people who are interested in investing their money into pre-screened companies with a strong offering. We’d also like to hear from more companies seeking investment who might want to pitch to the network.
“With Invest NI having announced the third iteration of Co-Fund NI, we see further opportunity to support investments made by CPIN members in the future.
Colm McClean, an angel investor who has made an investment through CPIN said: “The CPIN events are a great way to be introduced to early-stage local companies that show great potential for growth.”
Business angels join the CPIN network for a nominal annual fee and are invited to a number of member-only events held during the year to see face to face pitches and network with each other. They also receive ad hoc investment opportunities via email outside the cadence of the pitch events. Investment opportunities are often SEIS and EIS compliant, offering tax incentives for investors.
Companies who pitch to the network know they are pitching to investors who have paid a membership fee, are actively looking for deals and want to invest. Very often members join company boards to help guide their ongoing growth.
Clarendon previously ran the Northern Ireland arm of the Halo Business Angel Network (HBAN), securing £14.9m of member investment into 58 companies across 99 funding rounds over four years.
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